(Alliance News) - Georgia Capital PLC said Thursday its net asset value rose over the first half of 2019 on the back of growth in the value of its investment portfolio.
As at June 30, the investment company's net asset value per share was GEL53.90, up 22% from GEL44.32 as at December 31.
In sterling terms, net asset value rose by 14% to GBP14.81 per share at June 30, compared to GBP13.05 at the end of December.
At the end of June, Georgia Capital's portfolio value had increased by 19% to GEL2.24 billion from GEL1.88 billion at the end of December.
Listed assets contributed GEL246 million in value throughout the six months, namely through Georgia Capital's investments in London-listed Georgia Healthcare Group PLC and Bank of Georgia Group PLC, which both saw a strong share price performance.
Private businesses contributed GEL101 million in portfolio value, driven by a 75% sales revenue increase from Water Utility and a strong trading performance by P&C Insurance.
During the period, Georgia Capital allocated GEL44 million in capital to existing and new portfolio businesses, with GEL20 million going towards bolt-on acquisitions, GEL23 million invested into pipeline businesses, and the remaining GEL1 million into evaluating new opportunities.
"Our outlook for the second half performance and beyond remains robust. Over the last few quarters we have laid strong foundations for significant value creation across all our private businesses, which we expect to be reflected within our NAV over the next 12 to 24 months. We believe that organic growth and operating performance improvements in our late stage portfolio businesses will continue to deliver value for the group," said Chair and Chief Executive Irakli Gilauri.
Shares in Georgia Capital were up 1.0% at 1,034.00 pence on Thursday.
Bank Of Georgia Group (BGEO)
Georgia Capital (CGEO)